Late on Thursday, the uranium miner released its long-awaited technical report on the Northern Ontario project, pictured below, revealing higher costs and a slower-than-expected rampup of production.

"While the company had recently disclosed a revised capital-cost estimate of around $1-billion and a revised startup timeline of 2013, the technical report disclosed higher than forecast life-of-mine cash operating costs of $23 per pound (up from $14/lb) and a relatively slow production ramp-up timeline (with full capacity not expected until 2017)," said Orest Wowkowdaw, a Canaccord Adams analyst.

Mr. Wowkodaw lowered his net present value for Cameco by 9.1%, resulting in a downgrade of the stock to "sell" from "hold." His new price target is $25, down from $28 previously. The stock rose 1% to $27.17 yesterday.

"While we remain bullish on the medium-to long-term fundamentals for uranium, we see limited upside in Cameco shares in the near term," he said.

UBS analyst Brian Mac-Arthur maintained his "buy" rating, but reduced his price target to $34 from $36. He said the extended mine rampup was expected, but cash costs were higher than his forecast.

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